The frozen processed food market is estimated to be valued at US$ 183683.21 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Frozen processed food products include ready-to-eat meals, pizza, meat products and others. These products offer high convenience and have a longer shelf life as compared to fresh food products. Growing fast paced lifestyle has increased the demand for ready-to-eat meals and other convenience food products globally.
Market key trends:
One of the key trends spurring growth in the frozen processed food market is advancements in packaging technology. Manufacturers are focusing on developing innovative packaging solutions to extend the shelf life of products and retain their freshness for longer duration. For instance, the use of modified atmosphere packaging prevents moisture loss, and helps maintain texture, flavor and nutrition of frozen food. It uses a combination of gases like nitrogen, carbon dioxide and oxygen to prevent microbial growth and oxidation. Moreover, active packaging incorporates compounds into packaging films, pouches or labels to prolong shelf life of products. Advancements in packaging have driven uptake of frozen processed food especially in developing regions.
Porter’s Analysis
Threat of new entrants: The frozen processed food market requires high initial investment that makes it difficult for new players to enter. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like fresh food. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established supply networks of major players. Threat of new substitutes: New substitutes like ready-to-eat meals pose low threat as frozen processed foods have well-established demand. Competitive rivalry: Intense competition among existing players affects their pricing and profitability.
SWOT Analysis
Strength: Wide availability of various frozen processed food product portfolio and established brand image. Weakness: High dependence on raw material prices and supply chain disruptions impact profitability. Opportunity: Growing demand for convenience food and changing lifestyles and busy schedules boosts market growth. Threats: Stringent regulations regarding food quality and safety pose compliance challenges.
Key Takeaways
The Global Frozen Processed Food Market Demand is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for convenience food. North America dominates the market currently due to high disposable income and busy lifestyles. However, Asia Pacific is expected to witness the fastest growth due to rising income, changing diets and expanding modern retail in countries like China and India.
Regional analysis: Asia Pacific is expected to grow the fastest amongst all regions, expanding at a CAGR of around 5.5% during the forecast period. This is primarily attributed to rising disposable income and growing middle class demand for convenience food especially in emerging countries like China and India. Also, expanding retail infrastructure is making frozen processed food more accessible in the region.
Key players: Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. Players focus on new product launches, acquisitions and strengthening their distribution channels to expand market share.
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